Aziz Rahman examines the banking world’s continuing compliance problems

Recent high-profile penalties imposed on banks for compliance failings prompted Aziz Rahman to assess the problems faced by the sector.

In a piece which was published by Thomson Reuters’ Regulatory Intelligence, Aziz outlines the multi-million pound fines that the Financial Conduct Authority (FCA) handed to Metro Bank and Starling Bank, which are two of the newer, so-called challenger banks.

But in his article, Aziz emphasises that compliance problems are not limited to challenger banks. He details some of the fines that have been imposed on the more established banks and says that putting right the wrongs “has to mean more than paying a fine and reluctant lip service to the idea of systemic change to prevent further failings.’’

Aziz explains that this involves being alert to the risks of wrongdoing and how they can be identified and prevented: having systems in place that are fit for purpose, ensuring those systems function as effectively as possible and ensuring staff can raise concerns knowing they will be acted on.

The full article can be read here (subscription required).

Featured at: Thomson Reuters